UN study warns of potential $20bln economic loss for Egypt amid Gaza conflict escalation

The United Nations (UN) has forecasted that the Egyptian economy could lose about $20 billion during the current and upcoming fiscal years (FYs) 2023/2024 and 2024/2025 if the ongoing conflict in Gaza escalates further, Asharq Business reported, citing a recent study released by the UN.

Under the least severe scenario, the projected cost to the Egyptian economy would decrease to $5.6 billion for the current and the upcoming FYs.

The study highlighted tourism revenues and the Suez Canal as the primary areas likely to be adversely affected.

In the worst-case scenario, these sectors could see a combined decrease of approximately $14 billion.